The origin of Ni-Mo polymetallic deposits hosted in Lower Cambrian black rock series in South China was reviewed in this paper. The present works are focused mainly on the sea water and hydrothermal water origins. They have relatively large amount of evidence. However, the issue still has disputes. In addition, bio-organisms and organic matters have important impacts on the formation of the deposits. This is so-called bio-organic mineralization. Thus, we propose that the formation of the deposits has complex mineralization processes, including sea water, hydrothermal water and organic matters. Two important directions were suggested, i.e. in-situ experimental analyses and temporal and spatial correlation. These understandings provide reference information for the study with large uncertainties and disputes.